S&P 500
The S&P 500 reached towards fresh, new highs during the session on Friday as we had stronger than anticipated GDP numbers coming out of the United States, and then, of course, decent earnings. The market looks like a “buy on the dips” scenario for the short-term traders, but quite frankly I don’t like the fact that we have not had significant pullbacks. The weekly candle is a hammer, and that, of course, is a bullish sign, so I think that if we can stay above the 2550 handle, then we should be reasonably safe. However, if we break down below that level, it’s likely that we will have to reach towards the 2500 level, and perhaps even lower to get long again… Read More
Dow Jones 30
The Dow Jones 30 had a very volatile session during the Friday session, breaking out towards the 23,450 level, pulling back to the 23,350 level, and then bounced again. The market looks very volatile and bullish, but I think we are bit overextended when you look at the longer-term charts. I believe that the markets should continue to be one that looks to be bought, but I think that the current level is a bit too high and doesn’t offer value… Read More
NASDAQ 100
The NASDAQ 100 exploded to the upside, breaking above the 6200 level. That was the target that I had longer-term from the ascending triangle that got broken above several weeks ago, and now it has been fulfilled. I believe that if we pull back from here, it’s likely that we will find buyers underneath, especially near the 6100 level and obviously the 6000 level. I think we desperately need to pull back, although the NASDAQ 100 isn’t as overbought as the Dow Jones 30… Read More